Managing finances
In the run up to publication of my new book Carers and Caring; the One Stop Guide; how to care for older relatives and friends I am sharing an A to Z of practical solutions learned from research and experience. If you think any problems have been missed you can email me and tell me, and I’ll make sure they are covered in the next edition and online on my website at www.juneandrews.net.
Managing finances
There is detail about how to get hold of money for the person you care for or for yourself in your caring role in F for Finance in this series . But finance is also about helping the person manage their own affairs, and eventually managing financial affairs for the person. It is made much easier if you have power of attorney, which is also discussed in the Care one stop guide and in the essential book Power of Attorney: The One-Stop Guide.
You may have concerns that the person is at risk of financial abuse. This is when the older adult is financially exploited by friends, family members or caregivers like nursing home staff. The signs that something is wrong include the older person being isolated deliberately from friends and family by someone. The unexplained disappearance of valuables such as jewellery, or the person not being able to afford basic necessities would give cause for concern. As a carer you must be alert to the danger of other people abusing the older person you care for. It is sometimes hard to disclose your concerns because the person abusing might be a close family member or a friend. You can call a helpline here on 0808 808 8141 or email helpline@wearehourglass.org.
There is much more about managing finances in Carers and Caring: The One-Stop Guide: How to care for older relatives and friends - with tips for managing finances and accessing the right support available from all good bookshops in May 2022
Three hints:
1. It’s never too soon to sort powers of attorney for yourself
2. It can suddenly be too late!
3. Finance is difficult; read all about it
